Amendment of section 139.
34. In section 139 of the Income-tax Act(Amendment of section 139.), with effect from the 1st day of April, 2016,-
(I) in sub-section (4C), in clause (e),-
(a) after the words “other educational institution referred to in”, the words, brackets, figures and letters “sub-clause (iiiab) or” shall be inserted;
(b) after the words “other medical institution referred to in”, the words, brackets, figures and letters “sub-clause (iiiac) or” shall be inserted;
(II) after sub-section (4E), the following sub-section shall be inserted, namely:-
“(4F) Every investment fund referred to in section 115UB, which is not required to furnish return of income or loss under any other provisions of this section, shall furnish the return of income in respect of its income or loss in every previous year and all the provisions of this Act shall, so far as may be, apply as if it were a return required to be furnished under sub-section (1).”.
Notes on Clauses:
Clause 34 of the Bill seeks to amend section 139 of the Income-tax Act relating to return of income.
Section 139, inter alia, specifies certain persons which are required to file return of income.
The existing provisions contained in sub-section (4C) of the aforesaid section, inter alia, provide for filing return of income by certain entities where income is exempt under section 10 of the Act.
It is proposed to amend the said sub-section (4C) so as to provide that a university, hospital or other institution referred to in sub-clauses (iiiab) and (iiiac) of clause (23C) of section 10 shall be required to furnish a return of income if the total income of such university, hospital or other institution without giving effect to provisions of section 10, exceeds the maximum amount which is not chargeable to income-tax.
It is proposed to amend the said section to provide that every investment fund referred to in section 115UB, which is not required furnish return of income or loss under any other provisions of this section, shall furnish the return of its income in respect of its income or loss in every previous year and all the provisions of this Act shall, so far as may be, apply as if it were a return required to be furnished under sub-section (1) of section 139.
These amendments will take effect from 1st April, 2016 and will, accordingly, apply in relation to assessment year 2016-17 and subsequent years.
